|[January 03, 2013]
American Land Title Association Unveils "Title Insurance and Settlement Company Best Practices"
WASHINGTON --(Business Wire)--
Land Title Association (ALTA), the national trade association of the
land title insurance industry, announced today a set of "Title Insurance
and Settlement Company Best Practices" to help members highlight
policies and procedures the industry uses to ensure a positive and
compliant real estate settlement experience.
"Providing professional service to consumers and safeguarding the real
estate transaction is paramount to the land title insurance industry,"
said Michelle Korsmo, ALTA's chief executive officer. "ALTA is delighted
to release our full 'Title Insurance and Settlement Company Best
Practices' at a time of tremendous growth and change in the industry."
The seven main best practices urge title and settlement professionals to:
Establish and maintain current license(s) as required to conduct the
business of title insurance and settlement services.
Adopt and maintain appropriate written procedures and controls for
Escrow Trust Accounts allowing for electronic verificationof
Adopt and maintain a written privacy and information security program
to protect Non-public Personal Information as required by local, state
and federal law.
Adopt standard real estate settlement procedures and policies that
ensure compliance with Federal and State Consumer Financial Laws as
Adopt and maintain written procedures related to title policy
production, delivery, reporting and premium remittance.
Maintain appropriate professional liability insurance and fidelity
Adopt and maintain procedures for resolving consumer complaints.
"ALTA is publishing these best practices as a benchmark for the mortgage
lending and real estate settlement industry," Korsmo said. "The best
practices are voluntary standards professionals can adopt to protect
consumers, promote quality service, provide for ongoing employee
training, and meet legal and market requirements. ALTA will continually
improve these best practices and seek comments from stakeholders as the
Association edits and adapts these standards in the future."
A complete copy of the ALTA "Title Insurance and Settlement Company Best
Practices" is available here.
For more information on the best practices, click
Land Title Association, founded in 1907, is the national trade
association representing nearly 4,200 title insurance companies, title
agents, independent abstracters, title searchers, and attorneys. With
offices throughout the United States, ALTA members conduct title
searches, examinations, closings, and issue title insurance that
protects real property owners and mortgage lenders against losses from
defects in titles.
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